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GDP Calculation
Assume an economy with a coal producer, a steel producer, and some consumers (there is no government). In a given year, the coal producer produces 20 million tons of coal and sells it for 5$ per ton. The coal producer pays $50 million in wages to consumers. The coal producer stores 5 million tons of coal in inventory. The steel producer uses 25 million tons of coal as an input into steel production, all purchased at $5 per ton. Of this, 15 million tons of coal comes from the domestic coal producer and 10 million tons is imported. the steel producer produces 10 million tons of steel and sells it for $20 per ton. Domestic consumers buy 8 million tons of steel, and 2 million tons are exported. The steel producer pays consumers $40 million in wages. All profits made by domestic producers are distributed to domestic consumers
Calculate GDP using the expenditure approach and income approach
Suppose that all wages also prices in an economy are indexed to increase. Explain there can still be an increase tax.
Illustrate scarcity, choice also prospect cost with the aid of a diagram demonstrating a production possibilities frontier
A study noted that they charged a price for local telephone services that was roughly one-half of its cost of providing the services.
Mr. Smith has saved $1,800 each year for 20 years. A year after the saving period ended, Mr. Smith withdrew $7,500 each year for a period of 5 years. In the sixth and seventh years, he only withdrew $5,000 per year. In the eighth year, he decided to ..
Compute the equilibrium level of income. Sketch this equilibrium position using a two-dimensional graph.
(Changes in Government Purchases) Assume that government purchases decrease by $ 10 billion, with other factors held constant, including the price level. Calculate the change in the level of real GDP demanded for each of the following values of the M..
Economists use the word "capital" to mean
John Livingston is looking into the possibility of buying several coin-operated vending machines also placing them in the local hospitals.
You have just purchased a house for $400,000, paid $24,000 for legal fees and $17,000 for renovations. The market price of the house does not change. If the sales tax on a house were 3% (to be paid by you if you sell the house), what is the sunk cost..
This document contains various important questions and their appropriate answers in the subject field of Economics.
If a country is currently producing 11 units of health care and 16 units of education, what is the opportunity cost of producing 5 more units of education?
crew brew of wisconsin plans to build a microbrewery on a small stream in that state. after sampling water from the
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